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Buyers: Making An Offer on a * Condo

 


Buyers: Making An Offer

In negotiating the purchase of your new condo, the initial step will be to instruct your Buyer's Agent to make an Offer to Purchase. This offer must be in writing and accompanied by a deposit check to show good faith.

The major elements of an offer include:

Legal Names of the Buyers and Sellers.

Legal Description of the property.

Price - the amount you are willing to pay for the condo. Depending on local market conditions, your opinion of value, and market data provided by your Realtor, the price you offer may be different from the seller's asking price.

Amount of Deposit - the deposit shows your good faith and will be applied against the purchase of the condo when the sale closes. Your Realtor can advise you on an appropriate amount, usually in the amount of $1,000 to $5,000.

List of Terms and Conditions - which might include items such as obtaining financing, obtaining a satisfactory building inspection, or subject to selling your existing property.

List of Fixtures and Chattels that are included and excluded. These might include certain fixtures, decorative items, window coverings, mirrors, or appliances such as refrigerator, stove, etc.

Closing and Occupancy Date - generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified. 

The offer will be written on a standard contract form. Often the initial offer is not accepted by the Seller. The Seller may make changes to the offer, ranging from small text changes, different closing or contingency removal dates, or the purchase price--this constitutes a Counter Offer by the Seller. When the Buyer and Seller agree on all terms and have signed the contract, the agreement is "bottom-lined." At this point, the Realtor will assist you in meeting your conditions, i.e. financing, inspections, etc.